Posted on 10/28/2009 10:14:55 AM PDT by OldDeckHand
We have previously discussed the dangers of increasing taxation in places like New York city. Now it appears that the city is facing a tax-version of the China Syndrome where over-taxation may be causing wealthier families to flee, which increases the need for higher taxes on those remaining.
I remain concerned about the incredible spending in Congress and rising taxes in the states as politicians seem to have lost any sense of proportion or balance in buyouts, recovery bills, and public spending. Even the Washington Post is now warning of a “debt tsunami” as the Administration drives up the deficit — already pushed to extremes by George Bush. We are now piling on debt faster than gross domestic product and the CBO is reporting that the publicly held debt of the U.S. government will reach 82 percent of GDP by 2019 — roughly double what it was in 2008. Yet, the Administration is still piling on spending bills and new programs with enthusiastic support from the Democrats. Countries like China have been complaining for months about the disastrous spending spree in the United States and debt overload, here.
(Excerpt) Read more at jonathanturley.org ...
And, if Obama and the Democrats are losing guys like Turley on the their economic policies, then they've got big problems.
If I were young enough to be accepted as an immigrant into another country and have the energy and longevity to start a new life, I would leave the United States. I believe too many Americans have lost touch with their precious Heritage; and, they will let it slip into tyranny.
I guess us old people have no choice but to stand and fight. We need to change from the AARP generation to the Teaparty generation.
Turley, Turley, Turley, any good democrat knows when the going gets tough raise taxes. Just spreading the wealth white man. Fosnizzle.
There is no doubt. If you force 1% of the people to pay 90% of the taxes (and those taxes are VERY HIGH) and the 1% leave then you (New York) are going to have a problem. It’s a variation on the “John Galt Effect”. LOL. Good luck NY, you are going to need it.
http://www.freerepublic.com/focus/f-news/2371904/posts
Tax refugees staging escape from New York
New York Post ^ | October 27, 2009 | ANDY SOLTIS
Posted on Tuesday, October 27, 2009 6:50:24 AM by LoneStarGI
New Yorkers are fleeing the state and city in alarming numbers — and costing a fortune in lost tax dollars, a new study shows.
More than 1.5 million state residents left for other parts of the United States from 2000 to 2008, according to the report from the Empire Center for New York State Policy. It was the biggest out-of-state migration in the country.
The vast majority of the migrants, 1.1 million, were former residents of New York City — meaning one out of seven city taxpayers moved out.
“The Empire State is being drained of an invaluable resource — people,” the report said.
What’s worse is that the families fleeing New York are being replaced by lower-income newcomers, who consequently pay less in taxes.
i know of many here in Rochester as well - my parent soon to be among them, with me not far behind
We moved our production/manufacturing and more than 50 high paying jobs and benefits a mere twenty miles from NJ to Pennsylvania. Our corporate tax payable to the state went from 10% to 3%. My employees now own bigger homes and their property taxes are less than half of what they paid in NJ.
NJ, my home state, and a state that I love has become too hostile to small business, so I left. It would be insane for a manufacturer to set up shop in NJ.
I voted with my feet...
Good for you. You did the right thing.
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